The Energy Watch Group (EWG) 2007 report shows total world Proved plus Probable reserves to be between 854 and 1255 Gb (around 30 to 40 years of supply if the growth of demand were to stop immediately). The major discrepancies come from problems with the accuracy in OPEC's self reported numbers. Besides the possibility that these nations have been overstating their reserves for political reasons (during periods of no substantial discoveries), over 70 nations also follow a practice of not reducing their reserves to account for yearly production. 1255 Gb is therefore a best case scenario.[23]
Peak oil - Wikipedia, the free encyclopedia
No need for alarmist garbage about running out of oil. China and India have'nt even begun serious oil exploration yet and further research is currently under way to find the most economical methods of extracting oil from Shale and Tar Sands.
Synthetic oils are already in common use and no doubt other ways will be found to make up the shortfall in conventional oil production and extraction.